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With all the tornado sirens going off last night, I believe that the mid south region will have some crazy weather to deal with this spring. Although the temperatures feel like spring, it’s still winter.

I just hope that we don’t see the same weather we saw Super Tuesday in 2008. I don’t think it will ever be that bad again (let’s pray that it won’t), but everything is possible.

Super Tuesday caused over a billion dollars of property damage back then. I can only imagine what would be going through an agents mind during that time.

Group life insurance is intended for organizations, companies, associations and other groups that have been assembled for other reasons than to obtain life insurance. Group life insurance contains one policy that covers the entire “group”, the members will receive a certificate that proves their association.

Group life insurance can be paid for in a number of ways. One way paid entirely by the employer/group (non-contributory), paid by the member/employee (fully contributory) or split between the two (partial contributory).

Members who wish to get coverage under a group plan would pay less in premiums than an individual policy. Group life insurance plans spread out risk by covering many policies rather than just one. Individuals who might be a high risk and can’t get life insurance policy, will find it much easier to be covered in a group policy.

Many group life insurance policies are underwritten with annually renewable term coverage (ART). Meaning that the policy can be renewed every year. Depending on how long you stay with a group policy, you may be able to convert your policy to a individual policy without evidence of insurability, but higher premiums can be expected.

Group life insurance is a great way to attract and protect your employees/members. For more information, visit this article about Group Life Insurance.

I know this post isn’t about life insurance, but I’ve got a fever and the only cure is more football!

This season is going to be a intriguing year for the Tennessee Titans. I’m glad that the team signed CJ to a four year extension, because he is a big part of the team. I’m also curious as to how Jared Cook will perform and hoping he has a big break out year.

I have a fantasy football league, but I’m curious to know, who are some of the “sleepers” this season? I’m putting my money on Cleveland’s WR Greg Little and Pittsburgh’s WR Antonio Brown. I’m a big fan of fantasy football and may be posting about how well my team is doing in the months to come.

Insurance companies employ agents / producers to go out into the field and solicit life insurance policies. These agents are required by the insurer and Tennessee law to comply with all procedures when completing an application. These steps must be taken correctly or there can be consequences to their actions.

Each agent must provide correct information about the life insurance policy that they are selling to their client. There must not be any misrepresentation or false information provided.

When an agent receives an application, he /she will go over and make sure it is completely filled out correctly and to the best of the applicants knowledge. If the agent suspects any misrepresentation in the application, they should probe the applicant with questions regarding their concerns. An agent represents the insurer, therefore, if he / she feels that there could be misrepresentation, they must inform the insurance company with their concerns.

There are a certain responsibilities that come with being an insurance agent. Some of these responsibilities include:

Preventing adverse selection of applicants

Using proper solicitation techniques

Completing the entire application

Obtaining all required signatures

The collection of the initial premium and issuing receipt

Delivering the policy to the client

When completing the application for the resident in Tennessee, the insurer requires the signature of the agent and proposed insured.

Any changes in the life insurance application cannot be “whited out”. If there is a mistake, a new application must be filled out or the mistake must be crossed out and initialed by the applicant.

Any questions not completely answered on the application will be returned.

Many life insurance policy provisions are straight forward and uniform anywhere in the country. Although, with each state, there comes different laws and ways of enforcing them. Here’s a list of provisions that must be included with every life insurance policy issued in the state:

All premiums except for the first payment, should be made one month in advance to the insuring companies home office or insurance agent.

A grace period of one month will be allowed after the first year of paying premiums, but may be subjected to an interest charge.

In the absence of fraud, all statements made by the insurance company are deemed to be representations and not warranties.

If there is a circumstance where the age is understated, the insurance death benefit will be adjusted to the correct insureds age and the policy will be paid out.

In participating policies, the companies dividend surplus must be divided no later than the third year of the policy. The insured also has the option to choose between a reduction of premium payment, purchase paid-up insurance or paid cash with their share of the dividends.

Each policy must show a table of loan values and options for the first 20 years of the policy.

There also must be a table to show the installment of premium payments.

When there is a death benefit claim, the insurer must pay the benefit within two months after the receipt of proof of death.